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         500,000 new homes for the East
  06/02/2004 (source: Evening Standard)


More than half a million homes will be built between the Wash and the Thames under plans pushed through at the behest of the Government, it was revealed today.

The M11 corridor between north London, Stansted and Cambridge had originally been singled out as the main area for growth despite repeated warnings from local county councils.

But, under pressure from planning minister, Lord Rooker, that has been widened and extended north to provide more space for housing in Peterborough, the whole of Cambridgeshire, parts of north Hertfordshire, including Stevenage, and other parts of Essex.

In a move that is likely to spark a fresh row between the Government and the regions, 478,000 new properties were "distributed" among the eastern counties at a regional assembly meeting in Hertford; with a further agreement to find extra land for an extra 18,000.

Hertfordshire, where most of the undeveloped land is green belt, had initially agreed to try to find space for 50,000 homes. It has since been allocated 72,000 and now fears it will get a large share of the remaining 18,000.

At least 25,000 homes will be built on greenfield sites in Hertfordshire with 131,000 in Essex under the plans which were rejected by both county councils for fear of overcrowding.

More than 54,000 homes will be built in Bedfordshire and Luton, 89,300 in Cambridgeshire and Peterborough, 72,600 in Norfolk and 58,600 in Suffolk. With the Government backing expansion at Stansted and Luton airports the eastern counties nearest London were said "to feel as if they are inside a pressure cooker coming to boil".

 

Land prices have risen by more than 926%in the last twenty years out-stripping house prices.
Source: BBC
Large developers have been ‘stockpiling’ land into their own land banks with the knowledge that in future years as towns and city’s naturally expand planning will be granted.
This enables the shrewd private investor to emulate the fortunes that have been made by developers without tying up huge sums of money.